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OU / Accounting / ACCT 2113 / What are assets?

What are assets?

What are assets?

Description

School: University of Oklahoma
Department: Accounting
Course: Fundamental Financial Accounting
Professor: Cynthia cuccia
Term: Spring 2016
Tags: Accounting, business, and financial accounting
Cost: 25
Name: Financial Accounting (ACCT 2113)
Description: Although the class is structured around note taking packets, these notes contain information from the textbook and other tips and hints to remember everything easier!
Uploaded: 02/04/2016
1 Pages 151 Views 0 Unlocks
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Investors

  • Buy ownership in the company
  • Have right to share company’s profit

Creditors

  • Give you “credit” to start company that needs to be paid back
  • Example: A bank

Corporation: Company that is legally separate from its owners

  • Stockholders have limited liability
  • Stockholders not personally responsible for financial obligations
  • Example: lose stock but not personal assets like home, car, etc

Sole Proprietorship: business owned by one personDon't forget about the age old question of Explain the purpose of positive youth development.
Don't forget about the age old question of What is a fatty tissue later that functions as a insulator and increases the speed of electrical signal transmission?

Partnership: business owned by two or more persons

  • Owners must have sufficient funds to finance the business
  • Lower taxes than corporations

Assets = resources of a companyDon't forget about the age old question of What is the total production of goods and services?
Don't forget about the age old question of What are the uses of Marketing Research?
Don't forget about the age old question of What are the different types of American Federalism?
Don't forget about the age old question of What does articulated mean in terms of the study of skeleton?

Liabilities  = amounts owed to creditors

Stockholders Equity = investors / owners claims to resources

[assets = Liabilities + stockholders Equity]

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